New York, July 17, 2023 (GLOBE NEWSWIRE) -- The global hydrogenated dimer acid market size is slated to expand at ~8% CAGR between 2023 and 2033. The market is poised to garner a revenue of USD 4 billion by the end of 2033, up from a revenue of ~USD 1 billion in the year 2022. One of the primary drivers expected to drive the market for hydrogenated dimer acids is the growing acceptance of hot melt adhesives. Hydrogenated dimer acid is an excellent ingredient for the production of polyamide hot melt adhesives. Numerous end-use industries, including those in the packaging, electronics, construction, and automotive sectors, are fast embracing these adhesives. Furthermore, the expansion of the market is predicted to be boosted by the rise of these end-use industries.
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It was noted that the amount of USD 179.9 billion spent on the packaging business in the US in 2019 represented an increase of around 7.1 billion dollars from the previous year. Additionally, the use of hydrogenated dimer acid improves the heat stability, hydrophobicity, and corrosion resistance of finished goods; as a result, the expansion of the market is predicted to be fuelled by an increase in metal import and export. The volume of steel mill products imported into the United States increased by 16.1%, from 2.3 million metric tons in May 2021 to 2.7 million metric tons in June 2021, according to the International Trade Administration.
Global Hydrogenated Dimer Acid Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- Construction segment to garner the highest growth
- Market in North America to grow at a highest rate
Growing Cosmetic and Personal Care Product Demand to Boost Market Growth
The growth of the hydrogenated dimer acid market can be attributed to the increasing usage of the product in the making of sustainable and cost effective packaging products, which are highly in demand in the packaging of cosmetic and personal hygiene care products. Furthermore, the expanding cosmetic industry and increasing usage of these products across the globe are anticipated to boost market growth over the forecast period. According to one cosmetics poll, almost 80% of American women use cosmetics daily, which equates to 161 million people spending USD 15,000 on them throughout their lifetime. Additionally, many cosmetic companies use the packaging as a branding tool as it improves the product's overall aesthetic appeal. It is also thought that many customers around the world buy the product if the packaging appeals to them. Hence, packaging is crucial in this situation, which in turn is expected to spur market growth over the course of the forecast period. It was found during one of the research surveys that packaging greatly influences people's buying choices. For instance, more than 36% said they tend to buy the product if the packaging gives them a "feel-good" quality.
Global Hydrogenated Dimer Acid Market: Regional Overview
The global hydrogenated dimer acid market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Demand for the Ready-to-Eat Meals to Drive the Growth in the Asia Pacific Region
The hydrogenated dimer acid market size in Asia Pacific region is estimated to garner the largest revenue by the end of 2033. The rising consumption of ready-to-eat meals in the area, coupled with the rising demand for safe and inert packaging for food and beverages, can be attributed to the market's expansion. For instance, the market for ready-to-eat meals in Asia generated over USD 300 billion in total revenue in 2022, and it is predicted increase furthermore over the course of the projection year as a result of the increasing propensity of the youth for packaged foods and beverages. In addition to this, the rising food and beverages industry in the region, backed by the growing investment by the key market players in this sector is predicted to fuel the market growth during forecast period. It was discovered that China's food and beverage sector in 2021 generated USD 175 billion, or about 62.5% of the global food and beverage sector's overall revenue. Moreover, the rising trend of online shopping and growing expansion of various e-commerce vendors in the region is predicted to propel the market growth over the upcoming years.
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Surge in Pharmaceutical Demand to Drive the Growth in the North America Region
The hydrogenated dimer acid market in North America region is estimated to garner highest CAGR by the end of 2033. The region's expanding availability and demand for prescription pharmaceuticals, as well as the region's growing pharmaceutical sector and healthcare costs, are all factors contributing to the market's expansion. Additionally, the expanding online ordering of food and drugs in the region coupled with the rising utilisation of innovative packaging material by online merchants, particularly online pharmacies, is anticipated to fuel market expansion. It was stated that 42% of Americans, or 1 in 5 Americans, purchased prescription drugs online. Furthermore, given the surge in drug demand and the rising frequency of chronic diseases in the United States and Canada, rising investments by the region's main market participants and growing collaboration and acquisition between them are projected to fuel market expansion during the upcoming years. For instance, Atlapac Corporation and the Inno-lok Division of Polymer Packaging have been acquired by H.I.G. Capital portfolio company Dazpak Flexible Packaging. Packaging and pouch converter Atlapac serves the healthcare, homecare, and food & beverage industries. The purchase improves the combined companies' capacity to offer services and solutions for wide range of packaging.
Hydrogenated Dimer Acid Segmentation by End-Use Industry
- Construction
- Packaging
- Oil & Gas
- Cosmetics
- Chemical
- Automotive
- Others
The construction segment is anticipated to hold the largest revenue by the end of 2033. The growth of the segment can be attributed to the increasing usage of the product in the manufacturing of construction materials as it contains all the required polymers. Further, the growth of the segment can be attributed to the growing construction sector across the globe. The market size of the American construction sector was noted to be valued at over 2 trillion dollars in 2021, and it is anticipated to increase even more in the following year. Furthermore, hydrogenated dimer acid market growth can be attributed to the growing demand for homes and buildings, which is being fueled by global urbanization. It was noted that as of 2022, the US has over 5 million multifamily residential buildings, over 5 million single-family dwellings, close to 40.1 million housing units, and over 5 million commercial structures. A further factor contributing to the market's expansion is the expansion of the construction and infrastructure industries' needs. During the projection period, the infrastructure industry is anticipated to expand at a spectacular rate. The construction of railroads, tunnels, sewers, water treatment facilities, and gas pipelines, among other things, is done on a private and public basis. It was noted that between USD 27 and USD 30 billion is the current forecast for yearly investment in water infrastructure and related infrastructure.
Hydrogenated Dimer Acid Segmentation by Application
- Alkyd Resins
- Adhesives
- Paint & Coatings
- Surfactants
- Resins
- Fuel Oil
- Others
The paint & coatings segment is anticipated to hold the largest revenue by the end of 2033. The growth of the segment can be attributed to the growing usage of hydrogenated dimer acid in the production of paints and pigments, supported by the rising consumption of paints and coatings across the globe. Furthermore, hydrogenated dimer acid offers extremely high resistance to acid and alkali chemicals and improves the glossiness of surfaces in paints. Additionally, these products are utilized in asphalt modifiers, which are mostly used to create colorful surfaces and architectural marvels. Hence, the sales of hydrogenated dimer acid and its derivatives, including paints & coatings, are anticipated to rise during the projected period owing to the increasing residential and commercial construction projects and the growing infrastructure projects across the world. It was found that nearly 860 million gallons of architectural paint were consumed in the United States in total in 2020, and more than 350 million gallons of architectural paint were consumed in the United States by the DIY ('do it yourself') segment. Moreover, the increasing consumption of paints and coatings in the automobile sector, backed by the rising sales and manufacturing of vehicles across the globe, is anticipated to drive the segment growth over the upcoming years. For instance, in 2021, the U.S. sold more than 600,000 plug-in battery and hybrid electric vehicles, which was more than double the amount from the previous year.
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Hydrogenated Dimer Acid Segmentation by Type
- Distilled
- Standard
- Hydrogenated
Few of the well-known market leaders in the global hydrogenated dimer acid market that are profiled by Research Nester are BASF SE, Croda International Plc, Oleon NV, Harima Chemicals Group, Inc., Emery Oleochemicals, Florachem Corp., Kraton Corporation, Aturex Group, Anqing Hongyu Chemical co., LTD., Shandong Huijin Chemical Co., Ltd., and other key market players.
Recent Development in the Global Hydrogenated Dimer Acid Market
- BASF SE and Hannong Chemicals announced a joint venture for the commercial manufacturing of non-ionic surfactants in the Asia Pacific region.
- Oleon NV places a high value on environmentally friendly packaging because it can reduce the carbon footprint of the product for both the manufacturer and the consumer. Oleon declared that they use 100% recyclable and 30% recycled material-containing packaging for its finished goods.
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